Company Valuation: Nestlé S.A.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 350,518 295,663 252,370 192,539 202,576 201,431 - -
Change - -15.65% -14.64% -23.71% 5.21% -0.57% - -
Enterprise Value (EV) 1 383,097 343,288 301,760 248,544 253,958 252,352 250,766 247,731
Change - -10.39% -12.1% -17.63% 2.18% -0.63% -0.63% -1.21%
P/E 21x 31.3x 23.1x 17.9x 22.4x 20.6x 18.1x 16.7x
PBR 6.62x 7.04x 7.42x 5.36x 6.17x 5.84x 5.44x 5x
PEG - -0.7x 1x -18.93x -1.4x 2.51x 1.3x 2.1x
Capitalization / Revenue 4.02x 3.13x 2.71x 2.11x 2.26x 2.24x 2.17x 2.1x
EV / Revenue 4.4x 3.64x 3.24x 2.72x 2.84x 2.81x 2.7x 2.59x
EV / EBITDA 20.6x 17.5x 15.5x 12.9x 14.1x 14x 13.1x 12.3x
EV / EBIT 25.3x 21.3x 18.8x 15.8x 17.6x 17.2x 16.1x 15.1x
EV / FCF 44.9x 52.3x 29x 23.3x 27.7x 25.7x 24.2x 21x
FCF Yield 2.22% 1.91% 3.45% 4.29% 3.6% 3.89% 4.13% 4.75%
Dividend per Share 2 2.8 2.95 3 3.05 3.1 3.139 3.203 3.301
Rate of return 2.2% 2.75% 3.08% 4.07% 3.94% 4.01% 4.09% 4.22%
EPS 2 6.06 3.42 4.23 4.19 3.51 3.798 4.337 4.681
Distribution rate 46.2% 86.3% 70.9% 72.8% 88.3% 82.7% 73.9% 70.5%
Net sales 1 87,088 94,424 92,998 91,354 89,490 89,750 92,757 95,713
EBITDA 1 18,559 19,644 19,511 19,286 18,022 17,992 19,189 20,106
EBIT 1 15,119 16,103 16,053 15,704 14,389 14,707 15,605 16,388
Net income 1 16,905 9,270 11,209 10,884 9,033 9,813 11,130 12,010
Net Debt 1 32,579 47,625 49,390 56,005 51,382 50,921 49,335 46,300
Reference price 2 127.44 107.14 97.51 74.88 78.74 78.31 78.31 78.31
Nbr of stocks (in thousands) 2,750,456 2,759,592 2,588,141 2,571,306 2,572,715 2,572,225 - -
Announcement Date 2/17/22 2/16/23 2/22/24 2/13/25 2/19/26 - - -
1CHF in Million2CHF
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.62x2.81x14.03x4.01% 249B
19.51x2.46x14.67x3.36% 78.21B
16.93x1.77x9.97x3.69% 47.64B
15.67x0.56x10.17x2.46% 40.78B
20.96x3.18x12.93x3.34% 34.79B
35.46x3.08x17.84x1.04% 31.65B
-15.21x1.89x9.38x6.46% 29.47B
65.78x10.1x41.87x1.16% 29B
12.1x0.39x8.86x2.42% 22.81B
12.49x1.87x10.75x6.41% 20.47B
Average 20.43x 2.81x 15.05x 3.43% 58.36B
Weighted average by Cap. 20.47x 2.75x 14.49x 3.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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